When starting a business, one of the most important decisions you willl make is what type of business entity to form. Many small business owners opt to create a limited liability company (LLC), but the question remains: do you need a lawyer to start an LLC? This essay will discuss the advantages and disadvantages of hiring a lawyer to establish an LLC, the degree of legal protection they can provide to business owners, and the options you have in terms of setting up an LLC without consulting a lawyer.
Having a lawyer when forming an LLC can provide many benefits. According to C Walther in the Loyola Law Review, a lawyer can help ‘ensure that the formation documents are properly drafted, properly executed, and properly filed’ (Walther, 2004, p. 2). This is critical to ensure that the LLC is properly formed and the members are legally protected. In addition, a lawyer can help with ensuring that the LLC is in compliance with applicable laws and regulations. This is especially important when forming an LLC in multiple states as certain requirements may differ from state to state. Furthermore, a lawyer can provide guidance on the appropriate structure for the LLC based on the company’s needs and goals. This can help the LLC choose the best form of governance and operational structure for the business. Lastly, a lawyer can provide advice on taxes and other financial implications for the LLC. In short, having a lawyer when forming an LLC can provide legal, operational, and financial benefits that can be very helpful in the long run. (Walther, 2004, p. 2).
Having a lawyer when starting an LLC is beneficial for many reasons. According to C Walther in the Loyola Law Review, ‘The complexity of the corporate form requires a significant amount of personalized advice and assistance to ensure that the entity is properly formed and maintained’. This means that having a lawyer is essential if one wishes to apply for an LLC properly. Lawyers can provide advice and resources on how to form an LLC, draft the articles of organization, obtain necessary licenses and permits, and more. Additionally, lawyers are able to provide advice on the legal and tax aspects of the LLC, as well as the structure and operations of the business. Furthermore, lawyers can provide guidance on how to properly set up the LLCs internal governance and financial management. Having a lawyer when forming an LLC can save time and money by avoiding potential legal pitfalls. It can also provide peace of mind knowing that the business has been established and is being managed in accordance with the law. Ultimately, having a lawyer when starting an LLC is beneficial in many ways and can be a valuable asset to a business.
Hiring a lawyer when starting a Limited Liability Company (LLC) can be a wise decision for business owners. According to LE Ribstein in Bus. Law., ‘An LLC is a hybrid form of business organization that combines elements of both a corporation and a partnership’ (1995). By consulting with an experienced lawyer, business owners can have the confidence of knowing that they are making the best decisions possible when it comes to forming an LLC. A lawyer can help ensure that all of the paperwork is filed correctly and on time, which can save the business owner from costly mistakes. Additionally, a lawyer can provide valuable advice regarding the best structure for the LLC, such as which type of management structure to choose and how to best protect the LLC from liability. Furthermore, a lawyer can provide assistance in negotiating contracts and other legal matters related to the LLC. A lawyer can be an invaluable resource for entrepreneurs who are starting an LLC, as the lawyer’s expertise can help the business owner make informed decisions that will ultimately benefit the business.
In conclusion, although it is not absolutely necessary to hire an attorney to help you form an LLC, there are several critical benefits to doing so. An attorney can ensure that you have a complete understanding of the flexibility and limitations of an LLC, provide legal advice and guidance to help you structure the business according to applicable tax and other laws, and prepare any necessary paperwork.
You can start an LLC in American Samoa today, from your phone, tablet, or PC. It is easy! Just go to https://llc.as.gov/ to file your documentation and create your American Samoa LLC today.